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Key Insights:
- The SEC has called on Spot Solana ETF issuers to amend and refile their applications by the end of July, which is sooner than expected.
- Given the current market sentiment, $13 million worth of SOL has left exchanges, suggesting potential accumulation by long-term holders.
- Solana’s daily chart flashes a bullish signal, following the breakout from a descending channel pattern, SOL has formed a Morning Star candlestick, hinting at strong upside momentum on the horizon.
Solana (SOL) has been moving sideways for over a week, but now, in light of recent activity from the United States Securities and Exchange Commission (SEC), it appears that major upside momentum may be on the horizon.
This bullish speculation is based on the ongoing potential accumulation of SOL and developments related to the filed spot Solana ETF (Exchange-Traded Fund).
Is Solana ETF Approval Incoming?
On July 7, 2025, a local media outlet reported that the SEC has asked ETF issuers to amend or refile their spot Solana ETF applications by the end of July 2025.
This notable development by the SEC in the realm of cryptocurrency hints at the possibility of future approval. However, some see this as an early sign of approval.
Additionally, the official approval deadline is October 10, but according to the shared report,, it appears that the the SEC is under pressure to accelerate the spot Solana ETF approval process.
This major development comes after a Bloomberg ETF expert raised the odds of Solana ETF approval to 95% and shared the update on X (formerly Twitter).
However, this report was further confirmed and supported by Nate Geraci, President of the ETF Store. In a recent post, Geraci noted, “SEC may approve spot sol ETF “way ahead” of Oct deadline…” Additionally, he further added, “SEC has some pressure to approve these quicker” after last week’s launch of REX-Osprey Solana + Staking ETF.”
Nate Geraci’s post has garnered significant attention from crypto enthusiasts, with numerous comments appearing below it. One crypto enthusiast commented, “This could flip the ETF ladder. Instead of BTC → ETH → SOL, we might go BTC → SOL → ETH. If institutions get comfortable with SOL first, ETH’s regulatory positioning could start looking shaky.”
These developments and the SEC’s notable actions regarding the spot Solana ETF filing appear to be a significant step toward potential approval.
Curren Price Momentum
So far, this development has not had a significant impact on Solana’s price. At press time, SOL was trading near $148.75, recording a price dip of 1.85% over the past 24 hours.
However, during this period, investor and trader participation has surged, leading to a 25% increase in trading volume.
In addition to increased investor and trader participation, on-chain data reveals that 64% of sentiment around SOL is positive, further supporting the bullish case.
$13 Million of SOL Leave Exchanges, Eyes on $184 Level
Not only that, but investors and traders have also begun accumulating SOL, as revealed by the on-chain analytics tool CoinGlass.
Data on spot inflows and outflows shows that exchanges across the crypto landscape have witnessed an outflow of $13 million worth of SOL.
This substantial outflow from exchanges suggests potential accumulation, which could create buying pressure and support further upside momentum.
According to expert technical analysis, SOL appears bullish and is poised for significant upside momentum. The asset has recently broken out of a descending channel price action pattern and has successfully retested the breakout level.
Based on recent price action and historical patterns, if SOL holds above the $141 level, it could potentially surge to $184 and beyond in the near future.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
